M&G CREDIT INCOME INVESTMENT TRUST PLC The financial assets measured at FVTPL are grouped into the fair value hierarchy as follows:
As at 30 June 2021 As at 30 June 2020 As at 31 December 2020
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Financial assets
at FVTPL
Debt Instruments - 60,039 61,941 121,980 - 99,465 22,599 122,064 - 87,572 35,232 122,804
Investment in - 17,459 - 17,459 - 13,163 - 13,163 - 17,287 - 17,287
funds
Derivatives - 151 - 151 - - - - - - - -
Financial
liabilities at
FVTPL
Derivatives (238) (321) - (559) (107) (837) - (944) (369) 594 - 225
Net fair value (238) 77,328 61,941 139,031 (107) 111,791 22,599 134,283 (369) 105,453 35,232 140,316 Valuation techniques for Level 3
The debt investments within the Company utilise a number of valuation methodologies such as a discounted cash flow model, which will use the relevant credit spread and underlying reference instrument to calculate a discount rate. Unobservable inputs typically include spread premiums and internal credit ratings.
Some debt instruments are valued at par and are monitored to ensure this represents fair value for these instruments. On a monthly basis these instruments are assessed to understand whether there is any evidence of market price movements, including impairment or any upcoming refinancing.
In addition, some are priced by a single broker quote, which is typically the traded broker, who provides an indicative mark.
13 Capital commitments
There were outstanding unfunded investment commitments of GBP4,821,000 (30 June 2020: GBP3,720,000) at the period/year end.
As at As at As at
30 June 2021 30 June 2020 31 December 2020
GBP'000 GBP'000 GBP'000
Bayswater RD Mercury Var. Rate 31 May 2024 2,235 - -
Lewisham Var. Rate 12 Feb 2023 519 2,004 1,198
Greensky Var. Rate 11 Dec 2023 476 - 15
Jamshid Ventures Var. Rate 23 Jul 2023 328 - 786
Kaveh Ventures LLC Var. Rate 16 May 2022 323 - -
Harmoney Warehouse No 2 Var. Rate 31 Dec 2026 301 - -
Sonovate Var . Rate 12 Apr 2022 280 560 560
Bayswater RD Mercury Var. Rate 1 May 2024 201 - -
Valentine Senior Var. Rate 7 Mar 2022 133 133 133
Gate 1 Var. Rate 4 Jun 2022 (Junior) 21 167 110
Gate 1 Var. Rate 4 Jun 2022 (Senior) 4 165 94
Westbourne 2016 1 WR Senior Var. Rate 30 Sep 2023 - 597 598
Gate 2 Var. Rate 4 Jun 2021 - 94 -
4,821 3,720 3,494 14 Half Year Report
The financial information contained in this Half Year Report does not constitute statutory accounts as defined in section 434 - 436 of the Companies Act 2006.
The financial information for the six months ended 30 June 2020 and 30 June 2021 has not been reviewed or audited by the Company's auditors.
The figures and financial information for the year ended 31 December 2020 have been extracted from the latest published audited financial statements, which have been filed with the Registrar of Companies. The report of the Auditor on those accounts was unqualified and did not contain a statement under sections 498(2) or (3) of the Companies Act 2006.
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ISIN: GB00BFYYL325, GB00BFYYT831 Category Code: IR TIDM: MGCI LEI Code: 549300E9W63X1E5A3N24 OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews Sequence No.: 122365 EQS News ID: 1234030 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
September 16, 2021 10:43 ET (14:43 GMT)
